The US President-elect Donald Trump has launched his own cryptocurrency, $Trump.
BBC reports that the meme coin quickly soared in market capitalisation to several billion dollars hours after it was launched.
Meanwhile, the development comes as president-elect prepares to be sworn in as the 47th president of the US on Monday, January 20.
The venture was said to be co-ordinated by CIC Digital LLC, an affiliate of the Trump Organization, which previously sold Trump-branded shoes and fragrances across the US.
As at Saturday afternoon, hours after the launch, the market capitalisation for $Trump reached nearly $5.5bn, £4.5bn, according to CoinMarketCap.com.
CIC Digital LLC and Fight Fight Fight LLC, a company formed in Delaware earlier this month, owns 80% of the tokens. It is unclear how much money Trump might make from the venture.
“My NEW Official Trump Meme is HERE! It’s time to celebrate everything we stand for: WINNING!” Trump wrote on his social media platform Truth Social as he announced the meme coin on Friday night.
